Japaco Winter Park Investment Properties ripoff Florida USA

Winter Park Investment Properties Aka, Japaco Aka, Kegan Funding, And Residential Appraisal a*s. Inc ripoff con-artists took us for all we had and screwed others too Winter Park Florida .....

To whom it may concern,

I allege Mr. James Wayne and Mr. Paul Williamson of Winter Park Investment Properties et al. conspired with Mr. R. Mills Potter and Mr. Kenneth W. Tuttle of Residential Appraisal Associates, Inc. to manufacture a fraudulent appraisal on an investment property that I purchased from W.P.I.P.

The appraisal provided to me by W.P.I.P used a fraudulent square footage figure along with outdated comparables to inflate the appraised value of the home in order to achieve a figure of $205,000 that would give the impression of a sound investment according to their calculations, On the contrary just by examining my receipts, canceled checks and work record I have over $10,000 in materials, over $500 in utilities and advertising and over $22,000 in interest, closing, insurance, taxes and travel, along with an, non negotiable, over inflated purchase price of $158,000 brings the total to over $190,500 now add in my labor cost at $14,000 and that brings my total investment to around $204,000.

After the complete renovation of the property, I had a completely unbiased new appraisal of the property preformed and this appraisal puts an honest valuation of the property at $165,000!! using the proper square footage, along with up to date comparables. This new appraisal alone proves consumer fraud on the part of WPIP and RAA, along with the support of an impartial market analysis done by a reputable Orlando realtor , who said the house should bring about $169,000 but also said we should start with a higher price of $174,900 and in two weeks after listing he would know exactly what it would take to sell the property.

Consequently I did not list the property with the Orlando realtor because I was completely drained of all funds and could not hold the property any longer, so I, not wanting to harm my excellent credit rating was forced to sign a quit claim deed and surrender the property to W.P.I.P and the mortgage grantor for the sum of $5,000 of which, to date, I have received nothing. I also know for a fact that I am not the only one who has purchased a property from WPIP with the hopes of making, as WPIP claims in their advertising and on their web site, a minimum $10,000 - $12,000 profit margin and in reality loosing money on their investment. I cannot disclose this individuals identity in this complaint for confidential reasons, but do have their name on file, which I will disclose if and when an investigation warrants.

In closing I would like to say that this is not my first venture in real estate investing and remodeling. I have built one new house from the ground up and remodeled two older homes, one of which I currently reside, so for anyone to say that the reason this investment failed was inexperience on my part would be false. I also hope the gravity of being defrauded of most of my familys life savings($48,000.00+) is not taken lightly as it has taken me many years of hard work to accrue the amount of money swindled from me by Winter Park Investment Properties et al. with the assistance of Residential Appraisal Associates.

This kind of consumer and investment fraud needs to be halted immediately before any more damage is done to unsuspecting consumers and investors. Also the appraisal, real estate, mortgage and banking licenses held by these companies and individuals need to be revoked and lastly the complete return of, at least my total investment of $48,623.30.

Charles
ormond beach, Florida
U.S.A.